Vinh Phuc Province Reaffirms Strong Support for Korean Investors

During a meeting with the Korean Chamber of Commerce and Industry in Vietnam (KoCham) on the afternoon of August 8, 2024, Mr. Tran Duy Dong, Chairman of the Vinh Phuc Provincial People's Committee, affirmed, "Vinh Phuc will provide optimal conditions for both current and future investors, particularly those from Korea."

Vinh Phuc People's Committee Chairman Tran Duy Dong ( R) at a working session with CEO Song Young Hee of Korean semiconductor firm Signetics 

During the working session, Dong expressed gratitude to KoCham for its ongoing support and efforts to introduce Vinh Phuc to Korean investors. Currently, Korea leads in both the number of projects and investment capital in the province, with a focus on manufacturing electronic components, auto parts, and semiconductors. These sectors align with Vinh Phuc’s investment priorities, and Korean enterprises have significantly contributed to the province's socio-economic development.

Mr. Tran Duy Dong also noted that Vinh Phuc has planned 27 industrial parks, nine of which are operational and host many global investors, with a significant presence from Korean investors. He outlined the province’s future development focus on attracting high-tech projects, particularly in the semiconductor industry, and emphasized investment opportunities in education, healthcare, and tourism. Vinh Phuc is committed to providing optimal conditions for investors, especially those from Korea, to execute their projects. Dong expressed hope for continued support from businesses amidst general challenges in power supply. Addressing concerns about stable electricity for production, he assured that Vinh Phuc will examine and develop mechanisms, policies, and plans to ensure reliable power supply and effective support for industrial activities.

Congratulating Mr. Tran Duy Dong on his election as Chairman of the Vinh Phuc Provincial People's Committee, Mr. Hong Sun, Chairman of KoCham, expressed confidence that Mr. Dong will elevate Vinh Phuc to new heights. He affirmed that Vinh Phuc remains a highly attractive market for Korean investors. Mr. Hong Sun also assured that KoCham will continue to facilitate connections, foster exchanges, and act as a bridge to enhance investment cooperation in Vinh Phuc moving forward.

Prior to this, Tran Duy Dong had met with the General Director  Song Young Hee of the Korean semiconductor firm Signetics. Following the receipt of Signetics' investment proposal, the Vinh Phuc Provincial People's Committee instructed the Provincial Industrial Parks Management Board to expedite the issuance of the investment registration certificate and assist with investment preparation to ensure the project’s swift commencement. Dong encouraged the company to explore opportunities for scaling up its investment in Vinh Phuc and assured that the province will continue to support and provide favorable conditions for the enterprise to implement its production investment projects.

Signetics, a subsidiary of Korea's Young Poong Group specializing in the semiconductor industry, employs over 1,000 people and operates production facilities in the US and the Netherlands. The company is now considering Vietnam as its next investment destination. Signetics is currently assessing the investment environment in Vinh Phuc, with an anticipated total investment of approximately US$100 million. The planned factory will be situated in Ba Thien Industrial Park, covering an area of 5 hectares, with the project expected to become operational by the end of 2025.

By Nguyet Tham, Vietnam Business Forum